"'The time has come to turn a new page in our country's journey and see a new generation assume responsibility,' Sheikh Hamad said in an address to the nation. The outgoing ruler and his son, Sheikh Tamim Bin Hamad Al Thani, later stood side by side as citizens lined up to pledge their allegiance.

"Sheikh Tamim, 33, assumes leadership of a country of 1.9 million people that has developed into a regional power during his father's 18-year reign. The emirate bought stakes in Barclays Plc (BARC), the U.K.'s second-biggest bank, and Volkswagen AG (VOW), Europe's largest carmaker. It supported uprisings in Syria and Libya and has lent $8 billion to Egypt since the ouster of President Hosni Mubarak."

CNN says the move is significant for two reasons: This is the first time in modern history that a transition in the region has happened peacefully and second, the new monarch is now the youngest in the region.